All Forum Posts by: Wesley Berry

@Wesley Berry

Hey! A fellow Austinite.

There are a few strategies here - as a former Property Manager overseeing major unit rehabs, we would play musical chairs (move tenants into rehabbed units after they were completed for a discount (I.E. 20% off 1st full month's rent).  This is managed 2 ways.

1.You can inform the resident that their rent will be going up to market value of a rehabbed unit when their lease is up, regardless of whether or not their unit is rented.  This will do 2 things, encourage them to move into a rehabbed unit ahead of their lease expiration (and fill your vacant rehabbed unit) and speed up your turnover timeline.

2. Cash for keys - you release them for liability of their lease (Texas law allows this as long as all parties agree) in exchange for a discount (I.E. your last full month will be discounted/free if you sign a notice to vacate for the end of next month).  This will also speed up your timeline and allow you rehab more quickly.

Some people will not want to move at all and there is no incentive to rehab their unit for you unless they agree to a higher monthly rent.

In those instances it is waiting game until their lease is up and you can force a rent increase.

Hope this helps.  

…How much money do you have to work with and where do you currently live?